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NEW YORK ( TheStreet) -- Stop trading off old Federal Reserve meeting minutes, Jim Cramer commanded "Mad Money" viewers Wednesday. Cramer said what the Fed was thinking over a month ago has no lasting impact on today's markets. When today's selling subsides, the bulls will be back. Bear markets come in all shapes and sizes, Cramer explained. Some are caused by rising inflation, some are self-induced and still others stem from markets abroad. But bull markets are all the same, with several factors in common. First, every bull market must have its share of skeptics, as this one does. It must also have a compliant Federal Reserve, which we also have, with super-low interest rates and aggressive bond buying. Bull markets also need lowered expectations, ones that companies can easily beat. We've had many companies beating earnings and raising estimates this quarter. Finally, Cramer said all bull markets need something new to like, which we saw today in natural gas, biotech and even the retail sector. A bull market doesn't mean everything is going up all at once, however. Cramer said that as one sector heats up, another cools off -- which is why social media stocks are cooling since the Twitter ( TWTR - Get Report) IPO as others, such as 3D printing, are ailing. But the overall direction of the market is clearly higher, Cramer concluded, which is why investors should be ready once the Fed-induced sellers have moved on and the bulls return.
It's a GiftToday's market weakness is a gift for investors looking to buy into stocks of companies that are executing well, said Cramer. He highlighted Home Depot ( HD - Get Report), Dick's Sporting Goods ( DKS - Get Report) and Best Buy ( BBY - Get Report). Cramer said housing remains one of the areas of the economy on fire, and Home Depot's 8.2% rise in same-store sales proves it. Everything from kitchen and lighting to plumbing and tools are on the rise at Home Depot, and Cramer said that bodes well for Fortune Brands Home Security ( FBHS - Get Report), Stanley Black & Decker ( SWK - Get Report) and Lumber Liquidators ( LL - Get Report), as well as for Cree ( CREE - Get Report), which Home Depot called out by name for its hot-selling LED light bulbs.
Executive Decision: Ben BaldanzaIn the "Executive Decision" segment, Cramer spoke with Ben Baldanza, president and CEO of Spirit Airlines ( SAVE - Get Report), a stock up 52% since Cramer last checked in back in May. Baldanza commented on his company's advertising by noting customers appreciate the pop culture humor, which helps to set the tone for Spirit's philosophy of great service at great prices. He said when asked what they want most from an airline, flyers overwhelmingly choose affordable fares, which is why Spirit was built with low fares in mind. When asked about growth, Baldanza said there are currently over 500 markets that have the right mix of customers and pricing for Spirit to grow into, and the company will be closely watching the auctions for gates being sold by the US Airways ( LCC) merger. Spirit represents just 1.2% of the overall market, said Baldanza, so there is plenty of growth ahead. Spirit is also focused on investor return, Baldanza noted. He said that right now, the best use of the company's cash is to grow its business, which it has been doing. But in the future, other returns for shareholders are certainly possible. Cramer said that in addition to be the funniest airline, Spirit is also making the most money.
Lightning RoundIn the Lightning Round, Cramer was bullish on Horizon Pharma ( HZNP - Get Report), URS Corp ( URS), Fluor ( FLR - Get Report), F5 Networks ( FFIV - Get Report), Cimarex Energy ( XEC - Get Report), Plains All American Pipeline ( PAA - Get Report), Swift Transportation ( SWFT) and United Parcel Service ( UPS - Get Report). Cramer was bearish on Halcon Resources ( HK - Get Report) and Terra Nitrogen ( TNH).